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On January 12, Year 1, Gilliam Corporation issued 550 shares of $12 par-value common stock...

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Accounting

On January 12, Year 1, Gilliam Corporation issued 550 shares of $12 par-value common stock for $15 per share. The number of shares authorized is 5,000, and the number of shares outstanding prior to this transaction is 1,200. Which of the following answers describes the effect of the January 12, Year 1 transaction?
Balance Sheet Income Statement Statement of Cash Flows
Assets = Liabilities + Stockholders' Equity Revenues Expenses = Net Income
Cash + Accounts Receivable = Accounts Payable + Common Stock + PIC in Excess
A.6,600 NA NA 6,600 NA NA NA NA 6,600 FA
B.8,250 NA NA 8,250 NA NA NA NA 8,250 FA
C.8,250 NA NA 6,6001,650 NA NA NA 8,250 FA
D.8,250 NA NA 6,6001,650 NA NA NA 8,250 IA
Multiple Choice
Choice A
Choice B
Choice C
Choice D

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